Premier Exhibitions filed with the U.S. Bankruptcy Court a motion for an order authorizing the Debtors, the official committee of unsecured creditors and the official committee of equity security holders to enter into and perform obligations under a plan support agreement (PSA).
The motion explains, “The Debtors believe that the contemplated Complete Sale Plan will maximize value for all of the Debtors’ creditors (including unsecured creditors) and equity holders. Notwithstanding the parties’ agreement to pursue a transaction consistent with the PSA, in addition to the various default and termination events set forth in the PSA, Section 22 of the PSA contains a ‘fiduciary out’ that will permit the Debtors or Supporting Committees, under appropriate circumstances, to terminate the PSA without penalty and pursue an alternative plan that maximizes value of the Debtors’ estates.”
In a statement, the official committee of equity security holders announced that the PSA includes the sale all of the Debtors’ assets, including the entire Titanic Artifacts Collection, either as assets of the estate or through the sale of RMS Titanic.
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